LG will share its expertise in infotainment, battery systems, and component development while GM focuses on electric motor design, battery control, system validation, and vehicle body/system integration. As part of the deal, LG has invested over $250 million in an engineering and manufacturing facility in Korea, which will support component development and manufacturing for Bolt EV parts.

The Bolt EV concept car was unveiled at the North American International Auto Show in January and will go into production in late 2016. It will be a fully electric vehicle capable of driving over 200 miles on a single charge.

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"The opportunity to work with GM on such game-changing technology is indicative of exactly the type of contributions that traditional tech companies can make in the automotive space," Woo-jong Lee, president and CEO of the LG Electronics Vehicle Components Company, said in a statement.

LG and Chevy started working together in 2007. At the time, LG provided the vehicle communications module that powered GM's OnStar system. LG Chem, an LG subsidiary, also provides battery cells for the Chevy Volt hybrid.

In August, Audi announced it is teaming up with Samsung and LG to produce electric car batteries with a potential 300-mile range. At the Frankfurt Auto Show a month later, it then showed off the e-tron quattro concept car, which is a preview of Audi's all-electric, luxury-class sport SUV coming in early 2018.

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